Xerox is moving rapidly to split the company. Only days after it announced former iGate Chief Executive Ashok Vemuri will head up the new business services company it is forming, it gave the company a name: Conduent.
The other half of the company, which will group together all of the hardware business, will keep the brand name Xerox.
According to a statement from Norwalk, Conn.-based Xerox, the name Conduent was inspired by experience connecting clients through “transactions at a massive scale” in areas such as customer care, transportation solutions and healthcare payer and provider services.
“Conduent will begin its next chapter as a standalone company with a name that conveys the vital business we conduct every day,” Ursula Burns, chairwoman and chief executive officer of Xerox said in a statement. She added that it is well-positioned to build on its heritage as a leader in business process services and "will carry forward the values and culture of innovation, diversity and integrity."
A Big Baby
Conduent will have 96,000 employees globally and, based on pre-split earnings, revenues of $7 billion in 2015.
So it will be born not with a silver spoon but with a place on the Fortune 500 list, with a focus on business process services specializing in transaction-intensive processing, analytics and automation. Activist investor Carl Icahn also gets three seats on Conduent’s board.
The Xerox half of the company will be big, too, with combined revenues of $11 billion in 2015 and 39,000 employees worldwide.
Last month, Xerox CEO Ursula Burns announced she will retain her current role until the split is complete and them stay on as chair of the hardware businesses until next Jan. 31 or "completion of the separation." The restructuring is expected to be completed by the end of the year.
Xerox confirmed in January that that it would split into two companies.